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WN.TO (WN) Fair Value & Analysis

Consumer Defensive · CA · Market cap C$38.1B (≈ $27.5B) · ISIN CA9611485090

What is WN.TO really worth?

WT WN.TO WN · TO
PriceC$100.50
Fair ValueC$147.70
Upside+47.0%
Quality64/100

A solid business, trading 32% below our fair value of C$147.70.

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Strengths

Healthy Growth (revenue 5y +3.9 %/yr)

Risks

!Thin margins · 1.8% net margin
!High debt · generates free cash flow
!Mixed vs. peers (8/15)
!Moderate moat 48/100
!Evidence only medium, so the estimate is less certain
!Weak on future: 21 out of 100
!Weak on dividend: 23 out of 100

For context

·1.16% dividend yield
Evidence: Medium Range C$81.39 – C$217.04

Fair value as of: Sep 3, 2026

From 23 valuation models · updated yesterday

Share price −2.6% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The model range is unusually wide (C$81.39 to C$217.04). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid quality (64/100) at a price below fair value, the discount is the argument here, not the business quality.

Price vs Fair Value (5 years)

C$107.24 C$35.87 Fair Value C$147.70 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 3, 2026.

How to read this chart

60‑month range C$35.87 – C$107.24 · fair‑value band C$81.39 – C$217.04 · the C$100.50 price screens below the C$147.70 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 3, 2026.

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Analysis

WN.TO (WN) currently trades at C$100.50, while our model-based Fair Value estimate is C$147.70, implying the stock looks roughly 32.0% undervalued today. The Quality Score stands at 64/100 (solid quality), in the Consumer Defensive sector. Bull case: the DCF Models group reads highest at a median of C$101.98 per share, and 12 of the 23 models we run sit above the C$100.50 price. Bear case: the Economic Profit group reads lowest at C$26.33, and 11 of the 23 models stay below the price. Evidence for this calculation is medium.

Over the trailing twelve months, WN.TO generated revenue of C$65.1B at a net margin of 1.8%. Revenue grew 4.2% year over year. It earns a return on equity of 19.4%. Net debt stands at C$18.1B. Fundamentals as of Sep 3, 2026

Our scenario range runs from C$81.39 (bear case) to C$217.04 (bull case); at C$100.50, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat. The share trades about 4% below its 52-week high and 22% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at −27% fair-value upside, at 47%, WN screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly C$1.04 per share, which is 0.7 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF C$61.43 C$101.98 C$159.83 79
Growth DCF C$64.10 C$101.79 C$153.26 78
5Y EBITDA Exit C$122.94 C$218.99 C$326.86 74
All 23 models by family
DCF Models
FCF DCF C$61.43 C$101.98 C$159.83 79
Owner Earnings C$11.50 C$29.86 C$56.05 72
5Y Revenue Exit C$88.61 C$157.92 C$243.89 71
5Y EBITDA Exit C$122.94 C$218.99 C$326.86 74
5Y P/E Exit C$29.91 C$53.49 C$76.58 70
10Y Revenue Exit C$73.48 C$133.48 C$208.69 65
10Y EBITDA Exit C$99.04 C$174.76 C$269.17 67
10Y P/E Exit C$40.89 C$62.89 C$86.75 64
Earnings-Based
Graham-Dodd C$20.60 C$48.39 C$62.28 65
PEG = 1.0 C$8.31 C$11.87 C$15.43 57
EPV C$87.53 C$107.08 C$124.19 74
Multiples
P/E Multiple C$47.70 C$63.61 C$79.51 63
P/S Multiple C$38.62 C$51.49 C$64.36 58
P/B Multiple C$38.62 C$51.49 C$64.36 55
EV/EBIT C$170.22 C$236.89 C$303.56 66
EV/EBITDA C$184.70 C$256.20 C$327.70 67
EV/Revenue C$112.96 C$174.14 C$235.32 53
Asset-Based
NCAV (Graham) C$7.00 C$9.38 C$14.00 54
Growth DCF
Growth DCF C$64.10 C$101.79 C$153.26 78
Rev-Margin DCF C$88.61 C$158.34 C$232.65 72
Economic Profit
Residual Income C$19.79 C$26.33 C$114.88 64
ROIC Compounder C$92.23 C$118.76 C$146.53 72
Growth Earnings
Growth-Adj P/E C$36.10 C$51.58 C$67.05 67

Widest divergence: DCF Models (C$101.98) versus Asset-Based (C$9.38). Highest evidence: FCF DCF (79).

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Key figures & financial health

P/E ratio 37.2
P/S ratio 0.66 P/E × margin
EPS (TTM) C$2.70 price ÷ EPS = P/E 37.2
Dividend yield 1.2% payout 43.2%
Net margin 1.8% FY2025
Return on equity 19.4% TTM
More key figures
Profitability
Return on assets (EBIT) 9.3% avg 5y
Operating margin 7.9% TTM
Growth
Revenue (TTM) C$65.1B TTM
Revenue growth (YoY) +4.2% 3y avg +4.2%
EPS growth (YoY) +30.8%
Balance sheet & cash flow
Free cash flow C$3.2B FY2025
Net debt C$18.1B FY2025 · ≈ 5.6 yrs of FCF

Figures from reported company fundamentals · as of Sep 3, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 64/100

Of which business quality 59 · Market factors (momentum, volatility) 67

Profitability 58
Margins and returns on capital today
Quality Growth 53
Are margins and returns improving?
Cashflow 54
Earnings quality: real cash, not paper profit
Fin. Strength 24
Balance sheet, leverage, solvency risk
Investment 94
Disciplined investing over empire-building
Low Volatility 94
Calm price path (market factor)
Momentum 50
Price trend over the last 3–12 months (market factor)
52W Momentum 64
Distance to the 52-week high (market factor)
Net Issuance 100
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

George Weston Limited provides food and drug retailing, and financial services in Canada. The company operates in two segments, Loblaw Companies Limited (Loblaw) and Choice Properties Real Estate Investment Trust (Choice Properties).

Full company description

George Weston Limited provides food and drug retailing, and financial services in Canada. The company operates in two segments, Loblaw Companies Limited (Loblaw) and Choice Properties Real Estate Investment Trust (Choice Properties). The Loblaw segment provides grocery, corporate and franchise-owned retail food, and associate-owned drug stores, including in-store pharmacies, health care services, health and beauty products, apparel, and other general merchandise. This segment offers credit card and banking services, guaranteed investment certificates, loyalty program, insurance brokerage services, and telecommunication services. The Choice Properties segment owns, develops, and manages commercial and residential properties, which are leased to necessity-based tenants and logistics providers. The company markets its products under the Shoppers Drug Mart, Joe Fresh, President's Choice Bank, PC Financial, no name, Farmer's Market, T&T, Life Brand, and PC Optimum brands. The company was founded in 1882 and is based in Toronto, Canada. George Weston Limited is a subsidiary of Wittington Investments, Limited.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

WN.TO reported revenue of C$64.5B in FY2025 versus C$53.7B in FY2021, a compound +4.7%/yr. Reported net income was C$1.1B in FY2025, compounding +27.6%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.

Growth Quality 66/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
C$64.5B
Latest YoY
+4.7%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.2%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+3.9%
Avg. revenue growth/yr (30Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+5.5%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+26.5% (25.3 + 1.2)
Revenue +4.7%/yr
FY21 C$53.7B
FY22 C$57.0B
FY23 C$60.1B
FY24 C$61.6B
FY25 C$64.5B
Net income +27.6%/yr
FY21 C$431M
FY22 C$1.8B
FY23 C$1.5B
FY24 C$1.4B
FY25 C$1.1B
Character of growth · EPS growth decomposed (2014-2025) +14.1 % p.a.
Revenue per share +2.9 %

of which total revenue +3.3 % · buybacks/dilution −0.4 %

EBIT margin +8.7 %
Tax rate +0.1 %
Residual (interest, one-offs) +1.9 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "WN.TO Fair Value". https://www.fairvalue-calculator.com/stock/WN

Peer Group

Grocery Stores · 77 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 64 · Top 25%
Fair Value upside +47% · Top 25%
Return on equity (TTM) 19% · Top 25%
Return on assets 7% · Top 25%
Net margin (TTM) 2% · Below median
Operating margin (TTM) 8% · Top 25%
Revenue growth 4% · Above median
Dividend yield (TTM) 1.2% · Bottom 25%
Debt / equity 2.40× · Higher than 75% of peers

Valuation Multiples vs Grocery Stores median · lower = cheaper

P/E (TTM) 37.2× · Pricier than 75% of peers
P/B 5.21× · Pricier than 75% of peers
P/S (TTM) 0.42× · Pricier than median
P/FCF 8.5× · Pricier than median
EV/EBITDA 5.7× · Cheaper than median
PEG 1.30× · Cheaper than median

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE96 · sector 40
FUTURE21 · sector 17
PAST78 · sector 50
HEALTH0 · sector 92
DIVIDEND23 · sector 52

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Grocery Stores stocks, each showing price versus our Fair Value estimate (as of Sep 3, 2026).

Stock Price Fair Value vs Fair Value
Loblaw Companies Limited L C$60.79 C$44.44 −27%
Koninklijke Ahold Delhaize N.V AD €30.57 €53.50 +75%
The Kroger Co KR $57.72 $28.19 −51%
Woolworths Group WOW A$40.32 A$8.33 −79%
Metro Inc MRU C$88.26 C$94.01 +7%
Carrefour SA CA €15.63 €11.19 −28%
CP ALL Public Company TCPD 1.81 SGD 2.35 SGD +30%
BIM Birlesik Magazalar A.S., BIMAS 418.25 TRY 267.12 TRY −36%
Kesko Oyj KESKOA €21.25 €11.62 −45%
President Chain Store Corporation 2912 219.50 TWD 183.31 TWD −16%

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Frequently asked questions

Is WN.TO (WN) overvalued or undervalued?
As of Sep 3, 2026, our model estimates a fair value of C$147.70 versus a price of C$100.50, about +47% upside (undervalued).
What is the fair value of WN?
Our model-based fair value for WN.TO is C$147.70 (as of Sep 3, 2026), built from audited fundamentals. The current price: C$100.50.
What is the quality score of WN?
WN.TO has a Quality Score of 64/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of WN.TO (WN)?
WN.TO reported trailing-twelve-month revenue of about C$65.1B (latest available figure, as of Sep 3, 2026).
What is the net profit margin of WN?
The net profit margin of WN.TO is about 1.8%, meaning it keeps roughly 1.8% of revenue as net income. Based on the latest reported figures.
Does WN.TO pay a dividend?
WN.TO currently shows a dividend yield of about 1.16% relative to its recent price (as of Sep 3, 2026).
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